Muncy Columbia Financial Reports Officer Changes, Compensation
Ticker: CCFN · Form: 8-K · Filed: Feb 14, 2024 · CIK: 731122
Sentiment: neutral
Topics: officer-change, compensatory-arrangements, corporate-governance
TL;DR
**Muncy Columbia Financial just filed an 8-K about officer changes and compensation arrangements, keep an eye on leadership shifts.**
AI Summary
Muncy Columbia Financial Corporation filed an 8-K on February 14, 2024, reporting events from February 13, 2024. The filing indicates changes related to the departure, election, or appointment of certain officers and details regarding their compensatory arrangements. Specific individuals or financial terms are not detailed in this excerpt, but the filing also covers financial statements and exhibits.
Why It Matters
Changes in executive leadership and compensation structures can signal strategic shifts or impact future financial performance and governance of Muncy Columbia Financial Corporation.
Risk Assessment
Risk Level: medium — Changes in key personnel and their compensation can introduce uncertainty or signal strategic shifts, potentially impacting company stability and future direction.
Key Players & Entities
- Muncy Columbia Financial Corporation (company) — registrant
FAQ
What is the primary purpose of this 8-K filing by Muncy Columbia Financial Corporation?
The primary purpose is to report on the "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers" and "Financial Statements and Exhibits."
What is the earliest event date reported in this filing?
The earliest event reported in this filing occurred on February 13, 2024.
What is the full legal name of the registrant?
The full legal name of the registrant is Muncy Columbia Financial Corporation.
Where are Muncy Columbia Financial Corporation's principal executive offices located?
The principal executive offices are located at 232 East Street, Bloomsburg, PA 17815.
What is the Commission File Number for Muncy Columbia Financial Corporation?
The Commission File Number for Muncy Columbia Financial Corporation is 000-19028.
Filing Stats: 3,502 words · 14 min read · ~12 pages · Grade level 12.8 · Accepted 2024-02-14 16:41:43
Key Financial Figures
- $25,000 — nsation for such service at the rate of $25,000 per year. (e) On February 13, 2024, M
- $390,000 — ank and for an initial annual salary of $390,000, which is his current annual salary.
- $150,000 — an annual normal retirement benefit of $150,000 payable in equal monthly installments f
Filing Documents
- muncy_8k-021324.htm (8-K) — 58KB
- ex10-1.htm (EX-10.1) — 153KB
- ex10-2.htm (EX-10.2) — 115KB
- ex10-3.htm (EX-10.3) — 6KB
- ex10-3_img001.jpg (GRAPHIC) — 217KB
- 0001999371-24-002337.txt ( ) — 863KB
- ccfn-20240213.xsd (EX-101.SCH) — 3KB
- ccfn-20240213_lab.xml (EX-101.LAB) — 33KB
- ccfn-20240213_pre.xml (EX-101.PRE) — 22KB
- muncy_8k-021324_htm.xml (XML) — 3KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 February 13, 2024 Date of Report (Date of earliest event reported) Muncy Columbia Financial Corporation (Exact name of registrant as specified in its charter) Pennsylvania 000-19028 23-2254643 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 232 East Street Bloomsburg , PA 17815 (Address of principal executive offices) 570 - 784-4400 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol Name of each exchange on which registered None None None Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) Emerging growth company If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors: Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) Effective February 13, 2024, in accordance with the terms and conditions of their respective Shareholder Voting Agreements dated April 17, 2023 entered into with CCFNB Bancorp, Inc. ("CCFNB") and Muncy Bank Financial, Inc. ("MBF") in connection with the merger of MBF with and into CCFNB (in connection with the merger CCFNB changed its name to Muncy Columbia Financial Corporation), the following directors resigned from the boards of directors of Muncy Columbia Financial Corporation (the "Company") and its wholly-owned subsidiary Journey Bank: Robert M. Brewington, Jr., Russell S. Cotner, Joanne I. Keenan, Andrew B. Pruden, Robert Rabb and David Wallis Each such person, in accordance with the terms and conditions of their respective Shareholder Voting Agreements, was appointed by the board of directors of Journey Bank to the Journey Bank Advisory Board for terms of three (3) years each, and will receive compensation for such service at the rate of $25,000 per year. (e) On February 13, 2024, Muncy Columbia Financial Corporation (the "Company"), and its wholly-owned subsidiary, Journey Bank (the "Bank"), appointed Lance O. Diehl as President and Chief Executive Officer of both the Company and Journey Bank, and appointed Robert J. Glunk as Executive Chairman of both the Company and Journey Bank. Mr. Diehl had been serving as Chairman, President and Chief Executive Officer of the Company and Executive Chairman of Journey Bank, and Mr. Glunk had been serving as Senior Executive Vice President and Chief Operating Officer of the Company and President and Chief Executive Officer of Journey Bank, since the November 11, 2023 effective date of the mergers of Muncy Bank Financial, Inc. with and into CCFNB Bancorp, Inc., and The Muncy Bank and Trust Company with and into First Columbia Bank & Trust Co. (the "Mergers"). In connection with the Mergers, CCFNB Bancorp, Inc. changed its name to Muncy Columbia Financial Corporation and First Columbia Bank & Trust Co. changed its name to Journey Bank. In connection with the changes in officer positions, the Company and Journey Bank entered into Amended and Restated Employment Agreements dated February 13, 2024 with Mr. Diehl and Mr. Glunk. In addition, Journey Bank entered into a Third Amendment to Supplemental Executive Retirement Plan dated February 13, 2024 with Mr. Glunk. The Amended and Restated Employment Agreements and Third Amendment to Supplemental Executive Retirement Plan were approved by the boards of directors of the Company and the Bank on February 13, 2024. A description of the Amended and Restated Retirement Agreements and Third Amendment to Supplemental Executive Retirement Plan is set forth below. Mr. Diehl's Amended and Restated Employment Agreement . Mr. Diehl's Amended and Restated Employment Agreement provides for Mr. Diehl to be employed as President and Chief Execu